There' s Still Life Left In This American EV Maker CarBuzz News Features New Cars Used Cars Sell My Car Shopping Tools Car Reviews Car Finder Compare Cars Best Cars Car Dealerships Used Car Reviews Car Advice Home News There' s Still Life Left In This American EV Maker

There' s Still Life Left In This American EV Maker

Jan. 09, 2019 7:05 AM ET by Caleb Miller / 1 Comment Faraday Future may still have a, well... future. In the early days of the automobile, companies sprouted up at an alarming rate, but few managed to last more than several years. As the automobile is redefined in the early days of the electric and autonomous revolution, we are seeing a similar phenomenon: an influx of new manufacturers, but with very few finding long-term success. Faraday Future, established four years ago, appeared destined for this fate. But new developments in its financial status are breathing new life into the California-based company. Faraday Future Faraday Future Faraday Future Faraday Future's outlook seemed bleak as funding dried up last year and their Chinese backer, Evergrande Group, withheld funds over contract disagreements. However, the two parties have now reached a consensus, retiring the lawsuits against each other. This has also crucially freed up Faraday Future to renew the search for investors, with the Hong Kong court where the decision was reached allowing for a maximum investment of $500 million. The dispute originated following an agreement made last June by Evergrande to invest up to $2 billion in Faraday Future. This prompted Faraday Future to build serval prototypes of its SUV, the FF91, and go on a hiring splurge. However, Evergrande decided to stop payments to Faraday Future in October, claiming there were several milestones worked into their contract that the company had yet to hit. Faraday Future's rampant spending meant it then had to slash its workforce, causing the five founding executives to also jump ship. Faraday Future Faraday Future Faraday Future In turn, Faraday Future filed a lawsuit against Evergrande alleging that their investor had tried to bankrupt them in a plot to obtain their patents. However, the recent agreement has cleared the air and given Faraday Future a glimmer of hope. The question is, who is willing to invest in Faraday Future? Their past issues with spending along with a lack of experienced executives to run the company makes Faraday Future seem like an unwise choice, so they are not out of the woods yet. Faraday Future Faraday Future Faraday Future

Join The Discussion

Show Comments (1)

Gallery

10 Photos Tags: #Tesla News #Electric Vehicles #Government #Industry News

Related Cars

Tesla Model X LoginSign Up Home News Features Car Reviews Car Advice 2021 CarBuzz Awards New Cars Used Cars Future Cars Compare Cars Sell My Car Car Dealerships Buy Here Pay Here Used Car Reviews Popular Tags Cars # Video # TOP # Spy Shots # Reveal # Rumor # Auto Show # Supercar # Tuning # Car Culture # Industry News # Motorsport Acura Alfa Romeo Aston Martin Audi Bentley BMW Bollinger Bugatti Buick Cadillac Caterham Chevrolet Chrysler Dodge Ferrari Fiat Fisker Ford Genesis GMC Hennessey Honda Hyundai Infiniti Jaguar Jeep Karma Kia Koenigsegg Lamborghini Land Rover Lexus Lincoln Lordstown Lotus Lucid Motors Maserati Mazda McLaren Mercedes-Benz Mini Mitsubishi Nissan Pagani Polestar Porsche Ram Rimac Rivian Rolls-Royce Spyker Subaru Tesla Toyota Volkswagen Volvo By Make Acura Alfa Romeo Aston Martin Audi Bentley BMW Bollinger Bugatti Buick Cadillac Caterham Chevrolet Chrysler Dodge Ferrari Fiat Fisker Ford Genesis GMC Hennessey Honda Hyundai Infiniti Jaguar Jeep Karma Kia Koenigsegg Lamborghini Land Rover Lexus Lincoln Lordstown Lotus Lucid Motors Maserati Mazda McLaren Mercedes-Benz Mini Mitsubishi Nissan Pagani Polestar Porsche Ram Rimac Rivian Rolls-Royce Spyker Subaru Tesla Toyota Volkswagen Volvo By Car Type SUVs Crossovers Sedans Coupes Trucks Sports Cars Wagons Vans Hatchbacks Convertibles Small Cars Luxury Cars Electric Cars Hybrid Cars Future Cars By Price Up to $15K $15K - $25K $25K - $35K $35K - $45K $45K - $55K $55K - $75K $75K - $100K $100K - $200K $200K - $300K Above $300K Back To Top